Kolte-Patil developers to raise Rs 193 Crore from KKR

Kolte-Patil Developers’ joint venture company Kolte-Patil I-Ven Townships (Pune) (KPIT) has entered into an agreement to raise Rs 193 crore from global investment firm KKR. The said company is a joint venture between Kolte-Patil and ICICI Venture Funds Management Company. KPIT is developing Life Republic, a 383-acre township located in Pune’s Hinjewadi area. The company will be utilizing the funds to attain financial closure at R1 sector of the project, for working capital and reducing cost of debt, Kolte-Patil said in a release. The company had earlier approved raising up to Rs 500 crore by various modes including issue of non-convertible debentures (NCDs), equity shares or any other convertible securities.